Many of the UK's largest fund management groups, including Scottish Widows, Deutsche Asset Management and Allianz Dresdner, failed to beat the UK equity index in the first quarter of 2004, while some of the smaller firms came out well ahead, according to performance measurer Russell/Mellon.

The investment arm of Allianz, the German insurer, was named the worst performing fund in the UK equity pooled fund universe of 95 funds measured by Russell/Mellon for the three months to the end of March.